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Following a base rate rise, HMRC has raised the rate by 0.25%

Following the December 2021 announcement on the previous rate rise, HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% with effect from 21 February 2022. This is the second rate rise due to consecutive rises in the Bank of England base rate.

The 3% rate applies to late payments for:

  • income tax
  • National Insurance contributions
  • capital gains tax
  • stamp duty, SDLT and stamp duty reserve tax.

View further details of the rate rises and which rates are affected.